Madrid, June 3rd – The Madrid City Council, through the Municipal Housing and Land Company (EMVS Madrid), is set to raffle 52 affordable public rental homes in the Iberia Loreto 1 development on June 23rd. These homes are specifically designed for young people and families with minor children who fall within middle-income brackets. The registration period for this raffle is exclusively online via the emvsmadrid.es website and will remain open until June 11th.
Vice-Mayor Visits New Development and Highlights Inclusivity
Madrid’s Vice-Mayor, Inma Sanz, accompanied by Álvaro González, Delegate for Housing Policies and President of EMVS Madrid, and Juan Peña, Councillor for Barajas, visited the new public development this morning. Sanz explained that this new raffle aims to reach “new segments of the population who, despite having employment and economic stability, cannot access the free rental market due to current conditions.”
The upcoming raffle for these 52 homes will take place at EMVS Madrid’s headquarters in front of a notary on June 23rd. It will also be streamed live on the company’s website and social media channels. All validly registered individuals between May 11th and June 11th will be eligible to participate. Sanz emphasized that “this new raffle also caters to Madrid residents with average salaries who, until now, were excluded from the municipal housing policies that were being implemented.” She further added that by addressing these intermediate income brackets, “it promotes emancipation and, above all, residential stability for Madrid residents who want to continue living in their city,” thereby preventing “residential exclusion of a key social sector for the productive and social fabric of the city of Madrid.”
Iberia Loreto 1: A First for Middle-Income Residents
The Iberia Loreto 1 development, fully financed by the Madrid City Council with an investment of nearly 15 million euros (14,618,794 euros, including land value), comprises 52 homes. Four of these are adapted for people with reduced mobility, 16 have two bedrooms, and 36 have three bedrooms. The complex also includes 52 storage rooms, 78 car parking spaces, and 52 bicycle parking spaces. EMVS Madrid has reserved 12 homes for large families. This marks the municipal company’s first building constructed with industrialized timber systems, completed in just 17 months after Mayor José Luis Martínez-Almeida laid the first stone of this new public residential development.
The rental prices for the two and three-bedroom homes, which include a garage space, will range approximately between 700 and 1,000 euros per month, depending on the size. Furthermore, future tenants of these homes will never allocate more than 30% of their household income to rent payments.
Eligibility Requirements for the Iberia Loreto 1 Raffle
To be eligible for these new apartments in the Iberia Loreto 1 development, applicants must be Madrid residents up to 50 years old, or families with minor children, with incomes between 3.5 and 5.5 times the IPREM (Public Multiple Effect Income Indicator). For example, a couple with two children could have a maximum gross annual income of approximately 68,000 euros to qualify for these public homes. Additionally, interested parties must be registered in the municipality of Madrid, with a minimum uninterrupted residency of five years or eight years within the last ten years. They must not hold full ownership or a real right of use or enjoyment over another property in Spain.
Another crucial requirement for participating in this development’s raffle is that no member of the household must have been convicted of crimes related to illegal occupation, non-payment of rent, or be involved in eviction proceedings due to cohabitation problems within the last five years.
All information related to this development and the raffle rules can be found on the EMVS Madrid website.
